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RBI s Mission Visit to Banque de France led by Deputy Governor Dr KC Chakrabarty (Members - Dr. (Smt) Deepali Pant Joshi, Dr. K Balu, Shri Suddhasattva Ghosh, – PowerPoint PPT presentation

• RBIs Mission Visit to Banque de France
• Deputy Governor Dr KC Chakrabarty
• (Members - Dr. (Smt) Deepali Pant Joshi, Dr. K Balu, Shri Suddhasattva Ghosh,
• Shri Sanjeev Prakash, Shri Shankar Suman)
• Presentation on
• Financial Education
• Customer Protection
• by Dr. Deepali Pant Joshi
• Executive Director
• Bonjour Mesdames et Messieurs.
• Cest un honneur pour nous detre ici pour partager avec vous lexperience indienne de la protection des clients. Nous avons beaucoup a apprendre de votre experiences Merci!
• (Good Morning  ladies and gentlemen.It is an honor for us to be here to share with you the Indian experience of customer protection. We have much to learn from your experiences. Thanks )
• Recognition of Asymmetry of information between Customer and Service Providers
• Financial disintermediation increasing competition among banks and other financial service providers
• Aggressive marketing of Para-banking activities card, insurance, portfolio management, advisory services
• Increase in the depth of markets, new financial services, providers need for financial education (FE)
• Empower clients with knowledge of
• Product features / processes/precautions
• Regulatory stipulations
• Bank commitments - Standards and codes
• Recourse to internal and external redress mechanisms etc.
• Geographical area 7th in the world
• Population 2nd highest in the world1.2 billion
• 35 States, 659 districts, 600 thousand Villages
• Multilingual and multiethnic society
• Low level of General Literacy
• Large number of Financially excluded people
• Low Demand-
• More than quarter of population below poverty line.
• about 50 per cent population until 2007-08, did not have a deposit account,
• less than 15 percent had availed credit from banks,
• less than 10 per cent had insurance of any kind.
• Inadequate Supply Response
• 30000 branches for half a million villages
• one branch for 16000 persons.
• To bridge the demand-supply gap Financial education and financial services must be made available
• Financial Literacy Centres (FLCs) of banks reach out to the poor in rural and urban areas creating awareness of deposit, credit, other financial products and services at least once in a month- Standardized Curricula,Financial Diary 16 posters Quarterly monitoring
• FLCs Annual calendar, advance publicity
• Progressive learning / follow up sessions -
• RBI website, - material in English, Hindi and 11 vernacular languages
• Comic books on money and banking
• Films, messages on financial planning,
• Games on financial education
• Explaining Resolution and grievance redress framework
• Link for accessing the Banking Ombudsman Scheme
• FAQs on important products and services, regulatory departments, regulatory developments, schemes Banking, Currency, Forex, Govt. Securities Market, Non-banking Finance Companies, Payment System
• Caution against fraudulent mails phishing attempts, lottery / prizes, inheritance notices
• The RBI never asks for your e mail account or PIN number
• The RBI runs no lottery schemes these are all phishing fraudulent attempts or Ponzi schemes.
• Direct campaigns
• outreach visits to villages by the top management
• Setting up stalls in local fairs (Melas), exhibitions,
• distributing pamphlets, comic books,
• enacting street plays and skits, conducting quizzes in schools (RBI Q)
• Take part in information / literacy programs .
• Engage with other stakeholders Civil Society
• Launch of print and electronic Mass media campaigns Awareness drives- FM radio, TV, print media
• Professionalism, Quick efficient service
• Transparent, Fair, Non-exploitative non-discriminatory behavior
• Prior -knowledge of charges
• Safety security monies in account, financial transactions
• No stealth banking
• To be listened to with courtesy respect and attention
• Statutes / Regulatory system Different regulators - Banking, Insurance Securities Markets, Pension funds
• Banking Protection of depositors interest
• Banking Regulation Act, 1949 Reserve Bank of India Act,1934
• Capital market Protection of investors interests
• Securities Exchange Board of India Act 1992
• Insurance - Protection of insured's interest
• Insurance Regulatory and Development
• Authority Act 1999
• Pension funds - Protection of pension beneficiaries
• Pension Funds Regulatory and Development Authority (soon to be enacted as an Act of Parliament)
• Instructions and Guidelines -
• RBI guidelines on customer protection in banking services -
• Guidelines on Customer Service, Deposit interest rates, loans and advances, remittances/fund transfers, electronic banking, KYC etc.
• Banking Ombudsman Scheme
• Banking Codes Standards Board of India
• RBI has directed banks to constitute
• Board level committees,
• Standing committee - for ongoing improvement and monitoring
• Branch level customer service committees formal channel of communication
• Nodal officers single point of contact for complaints
• Frame internal redress complaints escalation mechanism
• The Banking Ombudsman Scheme(BOS)- notified by RBI in 1995- under Section 35A of the BR Act
• 15 Banking Ombudsman Offices covering entire country - 28 states and 7 UTs
• Scheme initially funded by participant banks and staffed by SLBC convener bank in the State and RBI. Since 2006, the Scheme is fully funded and administered by RBI.
• Customer Service Department (CSD) was set up at Central Office on July 1, 2006 to oversee the implementation of BOS
• Apex level cost free and hassle free grievance redress mechanism
• Scheme covers customers of
• Commercial banks
• Urban Cooperative banks
• Regional Rural Banks
• 27 grounds of complaints covering all banking services
• ( Exceptions complaints against commercial decision of credit sanction / pricing / recovery, non-funded exposures, forex,, cases requiring elaborate examination, cases already decided earlier at Banking ombudsman office and those decided or under attention of courts / tribunals)
• Quasi-judicial Aims to settle disputes through conciliation / mediation if bank does not redress it.
• In the event of failure of conciliation, provision for issuing Awards which are binding on banks subject to acceptance by complainant.
• Right to appeal is there and vests with the Deputy Governor in charge of Customer Protection
• Trend of complaints received at offices of Banking Ombudsman (2010- 13)
• Percentage of complaints on Unfair practices/non-fulfillment of promised services
• Reasonableness of charges / fees
• Guidelines on credit card operations recovery agents,
• Norms on outsourcing services,
• Safety stipulations in electronic banking services (authentication, alerts),
• Compensation for losses due to fraud, delayed credit / refund of NEFT transactions, delayed pension updation /payments
• Abolition of pre-payment charges on floating home loans,
• Abolition of the concept of home and non-home customers equal inter sol charges
• Zero balance accounts basic savings bank accounts
• Relaxed KYC norms for small accounts
• KYC authentication based on Aadhar documents
• Portability of accounts within bank - fresh KYC not required
• Formulating clear customer protection code
• Evolving a mechanism to measure effectiveness of customer service/grievance redress in banks and in RBI
• Building culture of Treating Customers Fairly
• Policy on redress of grievances outside the scope of the Banking Ombudsman Scheme needed
• Improving awareness, access and effectiveness of the Grievance Redress Mechanism
• Ensuring skill adequacy of staff deployed for grievance redress.
• Benchmarking complaints handling and management systems of banks / RBI against internationally approved standards.
• Cette interaction a ete tres benefique pour nous et j"espere que nous continueron de faire de meme. Cést une grand  honneur pour nous de apprendre votre facon de travail. Nous esperonsque nous allons continuer au voir plus dïnteractions dans tous les domains. Merci beaucoup.
• (Our interactions with Banque de France have been of immense benefit. Going forward we hope to continue the process of exceedingly beneficial interactions, peer learning  and engagement with the Banque de France)

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RBI issues Digital Lending Guidelines

Sep 08, 2022

90 likes | 131 Views

The Reserve Bank of India (RBI) has issued guidelines on digital lending, mandating the banks and financial institutions to put in place systems that would comply with the modified norms by 30 November 2022.

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Affluence Advisory Pvt. Ltd. RBI issues Digital Lending Guidelines: Banks / NBFC The Reserve Bank of India (RBI) has issued guidelines on digital lending, mandating the banks and financial institutions to put in place systems that would comply with the modified norms by 30 November 2022. “…in order to ensure a smooth transition, Res (Regulated Entities) shall be given time till November 30, 2022, to put in place adequate systems and processes to ensure that ‘existing digital loans’ (sanctioned as on the date of the circular) are also in compliance with these guidelines in both letter and spirit,” an RBI release said. Here's how the RBI guidelines on digital lending aim to protect borrowers: a)The guidelines explicitly state that digital lending apps cannot access mobile phone resources such as files and media, contact lists, call logs, telephone functions, etc. One- time access can be taken for camera, microphone, location or any other facility necessary for the purpose of onboarding/ KYC requirements only, with the explicit consent of the borrower. b)The borrowers must be informed about the storage of customer data including the type of data that can be stored, the length of time for which data can be stored, restrictions on the use of data, data destruction protocol, standards for handling security breach, etc. The information must be provided on their website and the apps at all times. c)At the time of disbursing the loans using digital apps, a key Fact Statement (KFS) to the borrower before the execution of the contract in a standardized format for all digital lending products. d)The borrower must be informed about the all-inclusive cost of digital loans and should also be a part of the Key Fact Statement. e)The penal interest/charges levied, if any, on the borrowers shall be based on the outstanding amount of the loan. Further, the rate of such penal charges shall be disclosed upfront on an annualized basis to the borrower in the Key Fact Statement. f)Any fees charges etc. payable to lending service providers must be paid by the regulated entities and borrowers must not be charged for this. Affluence Advisory Pvt. Ltd. | W: www.affluence.net.in | Email- [email protected]

Affluence Advisory Pvt. Ltd. RBI issues Digital Lending Guidelines: Banks / NBFC g)The Key fact statement should contain the details of the annual percentage rate, the recovery mechanism, details of the grievance redressal officers designated specifically to deal with digital lending/FinTech-related matters and the cooling-off/ look-up period. The cooling-off/look-up period is the amount of time given to the borrower for exiting digital loans, in case a borrower decides not to continue with the loan. h)Any charges that are not mentioned in the Key Fact Statement are not chargeable to borrowers at any stage during the loan term. i)The information shall be sent to the borrowers on their verified email/SMS on the successful execution of the loan contract/transaction. The information must be sent on the letterhead of the regulated entity (bank) and must contain a Key Fact statement, a summary of loan product, sanction letter, terms and conditions, account statements, and privacy policies of the LSPs/DLAs with respect to borrowers data, etc. j)At the time of the sign-up/onboarding stage, information related to product features, loan limit and cost, etc., must be informed to the borrowers. k)The banks, and NBFCs must publish the list of their digital lending apps, and lending service providers, engaged by them on their websites l)Details of nodal grievance redressal officer must be displayed on the websites of banks, NBFCs, lending service providers, digital lending apps and also on the key fact statement. m)Digital lending apps and websites must allow a borrower to lodge their complaint. n)If the complaint lodged by the borrower is not resolved within 30 days, then he/she can lodge a complaint on the Complaint Management System(CMS) portal under the Reserve Bank-Integrated Ombudsman Scheme(RB-IOS). For entities currently not covered under RB-IOS, a complaint may be lodged as per the grievance redressal mechanism prescribed by the Reserve Bank. o)The banks, NBFCs must capture the economic profile of the borrowers covering (age, occupation, income, etc.), before extending any loan over their own Digital Lending Apps and/or through Lending Service Providers engaged by them, with a view to assessing the borrower’s creditworthiness an auditable way. p)There shall be no automatic increase in credit limit unless explicit consent of the borrower is taken on record for each such increase. Affluence Advisory Pvt. Ltd. | W: www.affluence.net.in | Email- [email protected]

Affluence Advisory Pvt. Ltd. RBI issues Digital Lending Guidelines: Banks / NBFC q)During the cooling-off/look-up period, the borrower shall be given an explicit option to exit the digital loan by paying the principal and the proportionate APR without any penalty during this period. The cooling-off period shall be determined by the Board of the bank, NBFC. The period so determined shall not be less than three days for loans having tenor of seven days or more and one day for loans having a tenor of less than seven days. For borrowers continuing with the loan even after look-up period, pre-payment shall continue to be allowed as per extant RBI guidelines. r)The borrower shall be provided with an option to give or deny consent for use of specific data, restrict disclosure to third parties, data retention, revoke consent already granted to collect personal data and if required, make the app delete/ forget the data. s)Explicit consent of the borrower shall be taken before sharing personal information with any third party, except for cases where such sharing is required as per statutory or regulatory requirements. t)No biometric data is stored/ collected in the systems associated with the digital Lending Apps of regulated entities / their Lending Service Providers unless allowed under extant statutory guidelines. u)The banks and NBFCs shall ensure that any lending done through their Digital Lending Apps and/or Digital Lending Apps of Lending Service Providers is reported to Credit Information Companies (such as CIBIL)irrespective of its nature/ tenor. v)Any extension of structured digital lending products by banks, NBFC and/or Lending Service Providers engaged by them over a merchant platform involving short-term, unsecured/ secured credits or deferred payments, need to be reported to Credit Information Companies. w)The regulated entities shall ensure that all loan servicing, repayment, etc., shall be executed by the borrower directly in the regulated entities’ bank account without any pass-through account/ pool account of any third party. The disbursements shall always be made into the bank account of the borrower except for disbursals covered exclusively under statutory or regulatory mandate (of RBI or of any other regulator), flow of money between regulated entities for co-lending transactions and disbursals for specific end use, provided the loan is disbursed directly into the bank account of the end-beneficiary. Regulated entities shall ensure that in no case, disbursal is made to a third-party account, Affluence Advisory Pvt. Ltd. | W: www.affluence.net.in | Email- [email protected]

Affluence Advisory Pvt. Ltd. RBI issues Digital Lending Guidelines: Banks / NBFC including the accounts of Lending Service Providers and their Digital Lending Apps, except as provided for in these guidelines. Source :- • RBI circular no. RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23, Dated 02.09.2022 Economic Times. • Disclaimer: This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. This article cannot be relied upon to cover the specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Affluence Advisory Private Limited to discuss these matters in the context of your circumstances. Affluence Advisory Private Limited, Its Partners, Directors, Employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it. Affluence Advisory Pvt. Ltd. | W: www.affluence.net.in | Email- [email protected]

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How To Get Free Access To Microsoft PowerPoint

E very time you need to present an overview of a plan or a report to a whole room of people, chances are you turn to Microsoft PowerPoint. And who doesn't? It's popular for its wide array of features that make creating effective presentations a walk in the park. PowerPoint comes with a host of keyboard shortcuts for easy navigation, subtitles and video recordings for your audience's benefit, and a variety of transitions, animations, and designs for better engagement.

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Method #1: Sign Up For A Free Microsoft Account On The Office Website

Microsoft offers a web-based version of PowerPoint completely free of charge to all users. Here's how you can access it:

• Visit the Microsoft 365 page .
• If you already have a free account with Microsoft, click Sign in. Otherwise, press "Sign up for the free version of Microsoft 365" to create a new account at no cost.
• On the Office home page, select PowerPoint from the side panel on the left.
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It's important to keep in mind, though, that while you're free to use this web version of PowerPoint to create your slides and edit templates, there are certain features it doesn't have that you can find on the paid version. For instance, you can access only a handful of font styles and stock elements like images, videos, icons, and stickers. Designer is also available for use on up to three presentations per month only (it's unlimited for premium subscribers). When presenting, you won't find the Present Live and Always Use Subtitles options present in the paid plans. The biggest caveat of the free version is that it won't get any newly released features, unlike its premium counterparts.

Method #2: Install Microsoft 365 (Office) To Your Windows

Don't fancy working on your presentation in a browser? If you have a Windows computer with the Office 365 apps pre-installed or downloaded from a previous Office 365 trial, you can use the Microsoft 365 (Office) app instead. Unlike the individual Microsoft apps that you need to buy from the Microsoft Store, this one is free to download and use. Here's how to get free PowerPoint on the Microsoft 365 (Office) app:

• Search for Microsoft 365 (Office) on the Microsoft Store app.
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• Sign in with your Microsoft account. Alternatively, press "Create free account" if you don't have one yet.
• Click on Create on the left side panel.
• Select Presentation.
• In the PowerPoint window that opens, log in using your account.
• Press Accept on the "Free 5-day pass" section. This lets you use PowerPoint (and Word and Excel) for five days — free of charge and without having to input any payment information.
• Create your presentation as usual. As you're using the desktop version, you can access the full features of PowerPoint, including the ability to present in Teams, export the presentation as a video file, translate the slides' content to a different language, and even work offline.

The only downside of this method is the time limit. Once the five days are up, you can no longer open the PowerPoint desktop app. However, all your files will still be accessible to you. If you saved them to OneDrive, you can continue editing them on the web app. If you saved them to your computer, you can upload them to OneDrive and edit them from there.

Method #3: Download The Microsoft PowerPoint App On Your Android Or iOS Device

If you're always on the move and need the flexibility of creating and editing presentations on your Android or iOS device, you'll be glad to know that PowerPoint is free and available for offline use on your mobile phones. But — of course, there's a but — you can only access the free version if your device is under 10.1 inches. Anything bigger than that requires a premium subscription. If your phone fits the bill, then follow these steps to get free PowerPoint on your device:

• Install Microsoft PowerPoint from the App Store or Google Play Store .
• Log in using your existing Microsoft email or enter a new email address to create one if you don't already have an account.
• On the "Get Microsoft 365 Personal Plan" screen, press Skip For Now.
• If you're offered a free trial, select Try later (or enjoy the free 30-day trial if you're interested).
• To make a new presentation, tap the plus sign in the upper right corner.
• Change the "Create in" option from OneDrive - Personal to a folder on your device. This allows you to save the presentation to your local storage and make offline edits.
• Press "Set as default" to set your local folder as the default file storage location.
• Choose your template from the selection or use a blank presentation.
• Edit your presentation as needed.

Do note that PowerPoint mobile comes with some restrictions. There's no option to insert stock elements, change the slide size to a custom size, use the Designer feature, or display the presentation in Immersive Reader mode. However, you can use font styles considered premium on the web app.

Method #4: Use Your School Email Address

Office 365 Education is free for students and teachers, provided they have an email address from an eligible school. To check for your eligibility, here's what you need to do:

• Go to the Office 365 Education page .
• Type in your school email address in the empty text field.
• Press "Get Started."
• On the next screen, verify your eligibility. If you're eligible, you'll be asked to select whether you're a student or a teacher. If your school isn't recognized, however, you'll get a message telling you so.
• For those who are eligible, proceed with creating your Office 365 Education account. Make sure your school email can receive external mail, as Microsoft will send you a verification code for your account.
• Once you're done filling out the form, press "Start." This will open your Office 365 account page.

You can then start making your PowerPoint presentation using the web app. If your school's plan supports it, you can also install the Office 365 apps to your computer by clicking the "Install Office" button on your Office 365 account page and running the downloaded installation file. What sets the Office 365 Education account apart from the regular free account is that you have unlimited personal cloud storage and access to other Office apps like Word, Excel, and Outlook.

Read the original article on SlashGear .